OPEC+, which includes Saudi Arabia and Russia, has agreed to another large production hike in September.

That’s despite a warning by the International Energy Agency, the extra barrels could tip the market into oversupply later this year.

US President Donald Trump’s tariffs have targeted Russian crude buyers.

But whether those tariffs are imposed depends on the outcome of trade negotiations with India and China.

And even more so on talks over a peace deal in Ukraine between Washington and Moscow.

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